
Is Amazon on the Way to Becoming a $1,000 Stock? Here's What Jim Cramer Thinks
Is Amazon (AMZN) - Get Report on the road to becoming a $1,000 stock? Sanford Bernstein analyst Carlos Kirjner thinks that's where it's headed, upping his price target on the e-commerce giant on Tuesday to $1,000 a share, from $770 previously. And TheStreet's Jim Cramer doesn't think that target is out of the realm of possibility.
"I always blanch at a $1,000 price target, but there's a very interesting thread throughout the Bernstein piece, which is that they have more cash than they can handle. They can just make a fortune off of Amazon Web Services and on the regular business," said Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio.
"[CNBC's] David Faber and I were going back and forth about whether Jeff Bezos is ever going to be satisfied with just making money. He likes to grow, grow, grow," Cramer said.
On Tuesday, for instance, Amazon announced a YouTube competitor called Amazon Video Direct. YouTube is owned by Alphabet (GOOGL) - Get Report , which is a holding in the Action Alerts PLUS portfolio.
According to the company, Amazon Video Direct is "a new self-service program for creators and storytellers to make their video content available to Amazon customers, including tens of millions of Prime members."
"I think that the idea that they (Amazon) have too much money is wrong," Cramer said. "They will always find something to invest in. Bezos is clever."
Shares of Amazon were trading at an all-time high $699.03 in early afternoon trading on Tuesday, up 2.8%.
Amazon last month reported Q1 results that beat analysts' expectations. The Seattle-headquartered company had net sales of $29.1 billion in the first quarter, up 28% and surpassing forecasts of $27.99 billion. Earnings per share were $1.07, blowing past expectations of 58 cents per share.









